Ilich López proposes reform to regulate interest rates and combat usury in loans.

Ilich López, the new president of the Economy Commission in Congress, has proposed a modification to the law that sets caps on interest rates for loans, an initiative that has sparked extensive debate in financial and social circles. According to López, the current legal framework favors extortionists, popularly known as "gota a gota," who capitalize on the desperation of citizens who, after falling into arrears, become excluded from the banking system. During an interview on RPP, the lawmaker argued that the existing regulation creates a trap for borrowers who fall behind on their payments. Seeing how their credit history is affected, many end up being excluded from the possibility of accessing formal credit and are forced to turn to informal and dangerous options. "We will not see a repeal, but rather a modification," he clarified, emphasizing his intention to seek a more balanced approach that benefits both responsible borrowers and those in more vulnerable situations. López explained that the current model penalizes those who, due to a minor delay, are categorized as "high-risk clients." This classification results in the inability to access new lines of credit, which, in his view, can lead to a spiral of debt and dependency on informal lenders. "If you are two days late on your payment, then you are now a high-risk client," he remarked, highlighting the rigidity of a system that, instead of seeking solutions, closes the doors on those who need it most. The proposed modification to the law would not only regulate interest rate caps but also seeks to encourage greater competition in the financial market. According to López, allowing banking entities to adjust their interest rates more flexibly for those who represent a higher risk would create a broader space for financial inclusion. "Competition will also lead to lower interest rates," he noted, suggesting that a more adaptable framework could benefit all sectors. López also addressed the situation regarding tax collection and the need for the National Superintendency of Customs and Tax Administration (Sunat) to adopt a more collaborative approach with small and medium-sized enterprises. "Sunat must abandon its punitive, penalizing role and take on a supportive, educational, and strengthening role," he proposed, advocating for a change in the relationship between the state and entrepreneurs. In his remarks, the president of the Economy Commission highlighted the urgency of generating 350,000 new jobs annually to meet the needs of the labor market. According to him, this requires sustained growth of 5% and active investment in sectors that promote employment, such as services, agriculture, and production. "For investors of all kinds, both national and foreign, to invest in these sectors that provide the most jobs, they need clear rules," he argued. López's proposal has generated varied reactions in the political and economic spheres. While some sectors view the initiative positively as a way to combat informality and promote financial inclusion, others express concerns about the potential collateral effects of relaxing interest rate regulations. The discussion is open, and, as is often the case with economic issues, opinions diverge. Moreover, the debate on the modification of the financial caps law is framed within a broader context of transforming the financial system in the country, where inclusion and consumer protection must be balanced with the need to maintain an environment that encourages investment and competition. With López's voice, a space opens for dialogue on how to build a financial system that not only penalizes delinquency but also provides opportunities for those seeking to improve their economic situation. The next hearing of the Economy Commission could be crucial in defining the steps to be taken in this process and determining how to address the issue of high interest rates and financial inclusion. The business community and citizens will be attentive to the developments of this proposal, which could transform the relationship between borrowers and financial entities in the country. The discussion is just beginning, and it is expected to generate extensive debate in the coming months.